The recent crash produced Bitcoin’s largest realized loss in history, even as early signs of stabilization appear.

Bitcoin experienced the largest realized loss event in its history during last week’s sharp market correction, as the price fell from $70,000 to $60,000 on Feb. 5.

On-chain data from Glassnode show that Entity-Adjusted Realized Loss surged to $3.2 billion. This metric measures the total U.S. dollar value of coins sold below their original purchase price, while excluding internal wallet transfers to avoid overstating activity.

The scale of the capitulation exceeded previous records, including the $2.7 billion realized during the 2022 collapse of Terra (LUNA), one of the most severe downturns in crypto history.

According to Checkonchain, the sell-off displayed the hallmarks of a classic capitulation event: a rapid decline, elevated trading volume, and heavy losses concentrated among lower-conviction holders. At its peak, daily net realized losses topped $1.5 billion.

In absolute dollar terms, the event represents the largest amount of losses ever crystallized on the Bitcoin network. Historically, such extreme loss events have often occurred near the later stages of bear markets and have sometimes preceded durable market bottoms.

At the time of writing, Bitcoin had rebounded to around $67,600, recovering part of last week’s decline.